Twenty five year mortgage sold to 55 year old

haras_nosirrah

Seriously?

How did you not realise that 55+25 is taking you into retirement?

You would basically be complaining that the advisor didn't realise you couldn't count

Why did you want a 25 year mortgage? Would the payments have been affordable over 10 years? I am guessing it wasn't hence why you did it for longer

May be time to downsize your property or start work in b&q - they hire older people.

And no the lender will not write off your mortgage. Take some personal responsibility !!!!!!

JustinR1979

All these years you could have been paying out much more per month on a 10 year mortgage. They helped you out, now you want to screw them?

Caprylate

Don't have any sympathy for someone who chose a 25 year mortgage term at your age. From the sounds of it you had an interest only mortgage so still owe the £100,000. Why did you not have it on repayment with the term set to match up with your retirement?

tvfreek

Not being asked how you would repay an interest only mortgage in retirement is not cause for complaint.

It shouldn't be needed though.

The terms of your mortgage must state another 14 years so you have plenty of time to pay this off in retirement no?

SammenForLivet2

I'm actually quite sure that there have been a number of news articles, about people upset that they couldn't get a mortgage, due to their age - and then complaining, about their bank/building society - who refused the mortgage for these reasons. I guess you can't have it both ways. People call it 'Age Discrimination' if they can't get such a mortgage (source: http://www.thisismoney.co.uk/money/mortgageshome/article-2485092/How-mortgage-65-meet-key-challenges.html).

Personally, I don't think that it's fair, that you expect the provider to know that you will retire at 65 and won't have a backup plan for this mortgage. It's your responsibility to ensure that the mortgage is suitable for your lifestyle plans, and not really the bank's - and I don't think that unless you where forced into this purchase, or was tolled that you'd only pay until you're aged 65, that it's moral (in my opinion) to expect the bank to 'Bail you out' of this mortgage, on the grounds of misselling. My opinion only, though.

wrkactjob

Incredibly irresponsible lending, you shouldn't have been leant the monies by the institution without them asking how you intended to pay.

9 years ago financial institutions couldn't give a to**.

JustinR1979

Sounds like irresponsible borrowing.

chanz4

I wonder if the ops still drunk

kidmugsy

WOSSER wrote: »

Abbey - sold me a £100,000 mortgage ... I was never asked how I would repay once I hit retirement. Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

You would seem to have mis-spelled your pseudonym.

kingstreet

WOSSER wrote: »

Abbey - sold me a £100,000 mortgage on a property worth £205,000 nine years ago. I am now 65 and still working, but next year I will be forced to retire. I was never asked how I would repay once I hit retirement. Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

Did you go through an advised process, where you sat down with a qualified advisor who recommended a mortgage product, repayment method and mortgage term?

If you did, you should have a suitability letter which sets out why the advisor recommended what they did. What does it say, if you have one?